GEM DIAMONDS ANNOUNCES THE SALE OF THE 196 CARAT AND THE 184 CARAT DIAMONDS FOR US$22.7 MILLION AND A 4.68 CARAT BLUE DIAMOND SELLS FOR A LETÅ ENG RECORD OF US$155 000 PER CARATBack
25 Nov 2010
Gem Diamonds Limited (LSE: GEMD) (Gem Diamonds) and the Government of the Kingdom of Lesotho are pleased to announce the sale of both the 196 carat and the 184 carat rough white diamonds which were recovered from the LetÅ¡eng mine in the second half of 2010 for a total of US$22 736 360 (an average of US$59 833 per carat).
The world's leading diamantaires participated in a Special Tender which closed in Antwerp on 24 November 2010. In a strongly competitive tender the winning bid for both the 196 carat and 184 carat rough white diamonds was made by SAFDICO.
Additionally, at the November 2010 tender for LetÅ¡eng's run of mine production, which closed on 18 November, a 4.68 carat rough blue diamond was sold for US$155 000 per carat, the highest price per carat achieved for a LetÅ¡eng rough diamond to date. The average price achieved for the November tender (excluding the 196 carat and 184 carat diamonds) was US$2 341 per carat.
Gem Diamonds' CEO, Clifford Elphick commented:
"It is very pleasing that LetÅ¡eng's diamonds continue to attract strong prices and I congratulate Safdico on their purchase of these two remarkable diamonds of top colour and outstanding clarity which are testament to the enduring value of the diamonds that LetÅ¡eng continues to produce."
For further information:
Gem Diamonds Limited
Clifford Elphick, Chief Executive OfficerÂ
Glenn Turner, Chief Commercial and Legal OfficerÂ
Tel: +44 (0) 203 043 0280
Richard Chetwode, Investor RelationsÂ
Tel: +44 (0) 203 043 0280Â
Mob: +44 (0) 759 0064 883
Gem Diamond Technical Services (Pty) Ltd
Sherryn Tedder, MediaÂ
Tel: +27 (0) 11 560 9618Â
Mob: +27 (0) 83 943 4505
Pelham Bell Pottinger
Tel: +44 (0) 207 861 3864 / +44 (0) 7841 672 831
Tel: +44 (0) 207 861 3160 / +44 (0) 7774 444 163
Tel: +44 (0) 207 861 3126 / +44 (0) 7977 297 903
About Gem Diamonds:
Gem Diamonds Limited (LSE: GEMD) is a global diamond company that is pursuing a long term growth strategy through targeted acquisitions and the development of its existing assets.
The Company's portfolio comprises producing kimberlite and lamproite mines and development projects. The Company also owns a diamond cutting technology company. Operations and projects are situated in Angola, Australia, Botswana, and Lesotho.
With LetÅ¡eng's production of the world's most remarkable white diamonds and Ellendale's production of rare fancy yellow diamonds, Gem Diamonds is focused towards higher value diamonds. This segment of the market is expected to deliver attractive returns.